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Alonso buys Spanish cycling team

Fernando Alonso has bought a cycling team after snapping up Euskaltel-Euskadi's WorldTour licence.

Alonso, a keen cyclist, tweeted on Sunday, "I have important news coming these days ... Stay tuned here on Twitter and on the web!" leading to speculation that he might be about to announce his Formula One plans for 2014. However, on Monday the Spanish website elperiodico.com reported that he had bought the WorldTour licence for Spanish team Euskaltel-Euskadi, which had been struggling for funding, and set aside a €6 million budget for it.

A statement from the team read: "Euskaltel wants to thank the double Formula One champion for reaching an agreement and would like to emphasise the respect, understanding and love that Fernando Alonso has shown for the Euskaltel-Euskadi team, its professionals, its historical legacy and his hobby."

According to the report he will base the team around Spanish rider Samuel Sanchez for the 2014 season.